Because of the speculations, I decided to write this small post. I will try to clear out whether an EU citizen can buy regulated land directly in Bulgaria as from January 2012.

A common misunderstanding is that foreigners cannot buy regulated land directly if they own primary home in their native country. This was valid until 2012, but not any more. The legal grounds are Art. 29a of the Ownership Act:

Entities in Art. 29 para 2, who do not reside permanently in Republic of Bulgaria, can acquire land for secondary home property after expiration of the term, set forth by the conditions of the Treaty for Accession of Bulgaria to the European Union

The above articles was introduced in 2007, the year when Bulgaria joined EU. As I have written last year the prohibition term was 5 years since Bulgaria’s accession. As from January 2012, the prohibition term has expired, so pursuant Art. 29a Ownership Act, foreigners can buy regulated land directly, no matter if it is primary or secondary home property.

The speculation still exists, but I think this is supported by property agents who lose business. Just imagine how many companies will be liquidated and how many annual accounts and tax declaration will not have to be submitted. Property agents need to move on and stop spreading disinformation.

I have been researching the internet, contacting agents and asking questions on forums. I am still confused about ownership of regulated land or house with land in Bulgaria by a foreigner (not EU citizen). I have received vague information through a forum that if a foreigner wants to buy only one property he does not need to register a Bulgarian Limited Company. Do I need to register a Bulgarian Limited Company to buy a house with land?

NON-EU citizens need a company to own land. If you will be buying apartment/house but without the land – you can buy directly without a company. If you are citizen of EU member state – you don’t need to form a limited company.